Trump Announces Tariffs on 14 Nations, Says US Close to Trade Deal with India

During a press conference at the White House with Israeli Prime Minister Benjamin Netanyahu, President Donald Trump revealed the US is nearing a trade agreement with India. Simultaneously, he declared the implementation of tariffs on 14 countries, including Thailand, Myanmar, Bangladesh, South Korea, and Japan, effective August 1. Trump stated that the US had already finalized deals with the UK and China. He shared that his administration sent letters to these nations, outlining the tariffs. The President indicated flexibility in these tariffs, suggesting potential adjustments based on individual circumstances, but also emphasized the importance of reciprocity and fair trade practices. The letters detailed varying tariff rates, with some countries facing as high as 40% tariffs on their goods. He also mentioned that he is willing to reduce these tariffs if these countries revise their trade policies. Earlier, the White House Press Secretary announced that President Trump will sign an executive order delaying his tariff deadline to August 1. Trump previously set a 90-day deadline for nations to negotiate trade deals or face tariffs, which was originally scheduled to end on July 9.